Spirit Airlines received court approval for a $475 million lifeline and a $150 million payment from its largest aircraft lessor as it navigates its second bankruptcy since November. The funding includes $475 million in debtor-in-possession financing and $150 million from AerCap, with immediate access to $200 million for the carrier. The airline has been cutting routes, planning fleet reductions, and furloughing flight attendants to reduce costs, seeking approximately $100 million in cuts from pilots. Spirit CEO Dave Davis expressed optimism for the airline’s restructuring progress, citing challenges such as engine recalls, failed acquisitions, rising labor costs, and changing consumer preferences towards higher-end offerings. Spirit has been working to offer travelers more comfort and additional fare options beyond its traditional budget-focused model.

Read more at NBC Universal: Bankruptcy court approves lifeline financing